TORONTO,
July 26, 2012 /CNW/ - U.S. Silver
Corporation (TSX: USA) ("U.S.
Silver" or the "Company") today responds to a press release issued
on July 25, 2012 by Hecla Mining
Company ("Hecla"), which announced Hecla's intention to make an all cash offer to
acquire all of the outstanding common shares of U.S. Silver for
C$1.80 per share and all of the
outstanding common share purchase warrants of U.S. Silver for
C$0.205 per warrant (the "Hecla
Offer").
The Company's board of directors is in the process
of reviewing and evaluating the announcement with its outside
financial and legal advisors and will notify shareholders of any
recommendation in respect of the Hecla Offer by the board of
directors through a news release and circular in accordance with
applicable securities laws.
The board of directors will update shareholders
from time to time on developments relating to the Hecla Offer and
the Company's proposed combination transaction with RX Gold &
Silver Inc. ("RX Gold") announced on June 7,
2012. The combination agreement between U.S. Silver
and RX Gold will remain in effect unless terminated by either party
in accordance with its terms.
The Company has retained Cormark Securities Inc. as
its financial advisors and Stikeman Elliott LLP as its legal
advisors.
About U.S. Silver
U.S. Silver, through its wholly owned subsidiaries, owns and/or
operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper
mines in Shoshone County, Idaho,
with the Galena mine being the second most prolific silver mine in
U.S. history. Total silver production from U.S. Silver's mining
complex has exceeded 217 million ounces of silver production since
1953. U.S. Silver controls a land package now totalling
approximately 14,000 acres in the heart of the Coeur d'Alene Mining
District. U.S. Silver is focused on expanding the production from
existing operations as well as exploring and developing its
extensive Silver Valley holdings
in the Coeur d'Alene Mining District.
SOURCE U.S. Silver Corporation